{"id":8797,"date":"2018-04-12T08:21:17","date_gmt":"2018-04-12T15:21:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8797"},"modified":"2018-04-12T08:21:18","modified_gmt":"2018-04-12T15:21:18","slug":"bcrea-policy-induced-demand-slide-does-little-to-impact-supply","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/bcrea-policy-induced-demand-slide-does-little-to-impact-supply\/","title":{"rendered":"BCREA Policy Induced Demand Slide Does Little to Impact Supply"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 April 12, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) across the province in March, a 24.6% decrease from the same month last year. The average MLS\u00ae residential price in BC was $726,930, up 5.3% from the previous year. Total sales dollar volume was $5.39 billion, a 20.6% decline from March 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cMore burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,\u201d said Cameron Muir, BCREA Chief Economist. \u201cYou simply cannot pull as much as 20% of the purchasing power away from conventional mortgage borrowers and not create a downturn in consumer demand.\u201d<\/p>\n<p style=\"text-align: justify;\">Despite the decline in consumer demand, the supply of homes for sale remains low in most BC regions. Total active listings on the market are essentially unchanged from March 2017, and are at or near a 12-year low across the province. As a result, home prices are expected to continue an upward trajectory.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 1.7% to $13.9 billion, compared with the same period in 2017. Residential unit sales decreased 9.4% to 18,927 units, while the average MLS\u00ae residential price was up 8.5% to $732,243.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/bcrea-policy-induced-demand-slide-does-little-to-impact-supply\/bcrea-31\/\" rel=\"attachment wp-att-8798\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8798\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/04\/BCREA-300x169.gif\" alt=\"\" width=\"572\" height=\"322\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/04\/BCREA-300x169.gif 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/04\/BCREA-768x432.gif 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/04\/BCREA-420x236.gif 420w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/04\/BCREA-310x174.gif 310w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/04\/BCREA-630x354.gif 630w\" sizes=\"auto, (max-width: 572px) 100vw, 572px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2018\/2018-03.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 April 12, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/bcrea-policy-induced-demand-slide-does-little-to-impact-supply\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8797","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Policy Induced Demand Slide Does Little to Impact Supply &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/bcrea-policy-induced-demand-slide-does-little-to-impact-supply\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Policy Induced Demand Slide Does Little to Impact Supply &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 April 12, 2018. 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